時值上(shang)市公(gong)司(si)(si)年(nian)報披露季(ji)，與(yu)往年(nian)相比，上(shang)市公(gong)司(si)(si)慷慨解(jie)囊，高比例分(fen)(fen)紅成為(wei)一大看(kan)點。已披露年(nian)報的(de)公(gong)司(si)(si)中，百余(yu)家股息(xi)率超(chao)過3%，更有5家公(gong)司(si)(si)股息(xi)率超(chao)10%。來自公(gong)司(si)(si)的(de)“大紅包(bao)”固然展現了(le)公(gong)司(si)(si)良(liang)好(hao)的(de)財(cai)務狀況和回報投(tou)資者(zhe)的(de)意識，贏得了(le)投(tou)資者(zhe)的(de)叫(jiao)好(hao)，但也(ye)應注意到，個別公(gong)司(si)(si)超(chao)高比例分(fen)(fen)紅已引(yin)發監(jian)管關(guan)注。

　　現(xian)(xian)金(jin)分(fen)(fen)紅(hong)(hong)制度(du)是資(zi)(zi)本(ben)市(shi)(shi)場(chang)的(de)(de)(de)一項基礎性制度(du)，是上(shang)市(shi)(shi)公(gong)(gong)司回(hui)報股(gu)東的(de)(de)(de)重要(yao)方(fang)式。近年來(lai)(lai)A股(gu)上(shang)市(shi)(shi)公(gong)(gong)司現(xian)(xian)金(jin)分(fen)(fen)紅(hong)(hong)和(he)投(tou)資(zi)(zi)者(zhe)回(hui)報水(shui)平逐年提(ti)升。上(shang)市(shi)(shi)公(gong)(gong)司持續(xu)分(fen)(fen)紅(hong)(hong)回(hui)報投(tou)資(zi)(zi)者(zhe)，有助于獲得投(tou)資(zi)(zi)者(zhe)的(de)(de)(de)長期支持，也有助于規(gui)(gui)范公(gong)(gong)司財務(wu)管理，提(ti)升公(gong)(gong)司治理能力。此外，上(shang)市(shi)(shi)公(gong)(gong)司持續(xu)分(fen)(fen)紅(hong)(hong)還(huan)可以穩定預期，降低市(shi)(shi)值(zhi)波動，推動價值(zhi)投(tou)資(zi)(zi)。A股(gu)市(shi)(shi)場(chang)中，能夠持續(xu)現(xian)(xian)金(jin)分(fen)(fen)紅(hong)(hong)的(de)(de)(de)公(gong)(gong)司往往受到(dao)投(tou)資(zi)(zi)者(zhe)追捧，一般來(lai)(lai)說，高股(gu)息(xi)個股(gu)的(de)(de)(de)行業分(fen)(fen)布主要(yao)集中在金(jin)融、地產、電信服務(wu)、公(gong)(gong)用(yong)事業等(deng)(deng)周(zhou)期性行業，如農業銀行、交通銀行、中國(guo)銀行等(deng)(deng)股(gu)息(xi)率長期在5%以上(shang)。為了更加充分(fen)(fen)地發揮現(xian)(xian)金(jin)分(fen)(fen)紅(hong)(hong)的(de)(de)(de)示范和(he)帶動作用(yong)，“十四(si)五(wu)”規(gui)(gui)劃中對資(zi)(zi)本(ben)市(shi)(shi)場(chang)提(ti)出了完善現(xian)(xian)金(jin)分(fen)(fen)紅(hong)(hong)制度(du)的(de)(de)(de)要(yao)求。

　　今(jin)年已公(gong)(gong)(gong)布的(de)(de)分(fen)紅(hong)(hong)(hong)預案頻現大(da)額、高息分(fen)紅(hong)(hong)(hong)的(de)(de)情況(kuang)。這表明(ming)上市公(gong)(gong)(gong)司(si)(si)(si)經營狀(zhuang)況(kuang)和(he)業(ye)(ye)績良好，有(you)(you)能(neng)(neng)力(li)進(jin)行分(fen)紅(hong)(hong)(hong)；也表明(ming)公(gong)(gong)(gong)司(si)(si)(si)回(hui)饋股(gu)東、履(lv)行社會(hui)責任的(de)(de)意識(shi)增強，對提升公(gong)(gong)(gong)司(si)(si)(si)形象和(he)資本市場生態大(da)有(you)(you)裨(bi)益。但個別(bie)公(gong)(gong)(gong)司(si)(si)(si)“破產”式和(he)“一錘子(zi)買賣(mai)”式不合(he)理分(fen)紅(hong)(hong)(hong)，也引起了監管(guan)層和(he)投資者(zhe)的(de)(de)警惕(ti)：過高比例分(fen)紅(hong)(hong)(hong)可能(neng)(neng)意味著公(gong)(gong)(gong)司(si)(si)(si)對未來沒有(you)(you)重大(da)發(fa)展規劃，或公(gong)(gong)(gong)司(si)(si)(si)業(ye)(ye)務進(jin)入(ru)收縮期；也可能(neng)(neng)存在(zai)短期利益輸送而損害公(gong)(gong)(gong)司(si)(si)(si)長遠(yuan)利益。

　　派發(fa)“大紅(hong)包(bao)”固然(ran)讓(rang)投資(zi)者(zhe)(zhe)喜(xi)聞樂見，但也應(ying)“用之有度”。有公(gong)司被(bei)監管要求說明(ming)此次利(li)潤分(fen)配(pei)預案與業(ye)績成(cheng)長是否匹配(pei)。這表(biao)明(ming)分(fen)紅(hong)的良(liang)好氛圍日漸(jian)濃(nong)厚，投資(zi)者(zhe)(zhe)也更(geng)加(jia)成(cheng)熟(shu)理(li)性，對公(gong)司的“考(kao)核”會更(geng)加(jia)嚴謹有據(ju)。上(shang)市(shi)(shi)公(gong)司董事會應(ying)當綜合考(kao)慮所處行業(ye)特(te)點(dian)、發(fa)展階段、自身經營模式(shi)、盈利(li)水(shui)平以及是否有重大資(zi)金支出(chu)安(an)排等因素，提出(chu)差異化的現金分(fen)紅(hong)政策(ce)，用之有方，才能(neng)禁得(de)住市(shi)(shi)場的“火眼(yan)金睛”。